Property division is complicated and it is best to speak with a lawyer at Bislaw quickly, and in advance if you are thinking about ending your relationship.
Sometimes individuals try to hide assets when they are planning to end a relationship. If you think your partner might be planning to leave you, contact a lawyer Bislaw to make sure assets do not get hidden.
British Columbia uses the Family Law Act to establish how property is divided when a relationship ends. It does not matter whether you are married or if you have lived together for two years or more, and it does not matter whose name the property is in.
Both parties upon separation are entitled to equal division of all family property:
- The family home,
- Bank and investment accounts,
- Family run businesses,
- Pensions and registered accounts like RRSPs and TFSAs,
- Insurance policies
Certain types of assets are excluded from family property, which means they will not get divided at separation. It is complicated to determine how much these assets are worth and they can accidentally be included as family property if you are not careful.
Examples of assets commonly excluded from family property:
- Assets brought into the relationship,
- Personal injury damages awards,
- Money paid by an insurance policy.
Usually, debt incurred during the relationship will be split 50:50 between spouses.
Debts included are:
- Lines of credit,
- Credit cards,
If you have to go to court to fight about property division, it is crucial that you have the right evidence to prove your entitled to your assets. Contact Bislaw today to speak to one of our lawyers about how to protect yourself.